Technical analytics

USDZAR market technical outlook

USD/ZAR

Daily chart:

The pair remains in flat at the 17.3700-17.5363 zone. At the same time the upper Bollinger band keeps upward tone and points to mid-term target of bulls at 18.1289.

H4-chart:

Local upward phase of the market is potentially capped by resistance 17.8317 (upper Bollinger band), where we can expect a downward pullback again.

H1-chart:

We note intraday resistance 17.5363 (upper Bollinger band). ADX is growing, therefore in case of its break, the pair would recover to 17.8317 (red arrow).

Otherwise we expect decline in direction 17.2500 (black scenario). 

 

Expectations:

Main scenario: Break above 17.5363, growth to 17.8317 and then downward reversal.

Alternative scenario: In case of inability to go above 17.5363 - decline to 17.2500.

Trading recommendations:

  1. Above 17.5363 - longs to 17.8317.

  2. Below 17.5363 - shorts to 17.2500.

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